Why Ammo Stock Was Up Today
Shares of Ammo (NASDAQ: POWW) jumped 10% higher at the open on Thursday and were up more than 5% in afternoon trading after the ammunition manufacturer raised its full fiscal year guidance.
Ammo has taken shareholders on a turbulent ride so far in 2021, with the shares up nearly 200% for the year in mid-February only to come back down to earth some in March. The company last month sold stock into that rally, raising some added cash, and on Thursday morning it provided an optimistic outlook for the remainder of its fiscal year.
In a statement, Ammo said it expects to generate $24 million in revenue during its fiscal fourth quarter, up from previous guidance of $20 million. That total would be a 400% increase compared with the $4.8 million in sales recorded in the same quarter last year.
Source Fool.com
